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Synta Nabs $25M in Stock Deal

Synta Pharmaceuticals, the Lexington, MA-based developer of cancer drugs, said today it has raised $25 million in a stock offering. The company (NASDAQ: SNTA) sold 5.5 million shares at $4.50 apiece—about a 17.6 percent discount from yesterday’s closing price of $5.46. Lazard Capital Markets led the offering and RBC Capital Markets served as a co-manager. The company had $51.7 million in cash and investments at the end of September, according to its most recent financial report.